Wallet Wisdom

Everything you need to know about your billfold

Clean out your walletYour wallet should create the impression that you're elegant, organized, and sophisticated, not the impression that you keep your archives on your ass. Buy one every January--on sale.

The bare essentials a man should carry in his walletThink of your wallet as a sleek, stylish survival kit--nothing more. "The biggest mistake men make with their wallets is that they put their whole world in them," says Gloria Petersen, head of Global Protocol, an etiquette-training firm.

Here's the short list: driver's license, medical insurance card, one credit card, one debit card, up to three conversation-starting photos, two business cards (carry a leather card case in your coat pocket if you need more), and cash. Everything else--receipts, accumulated business cards, sweat-stained phone numbers--goes elsewhere.

Most important, a backup 50-dollar bill slipped in a deserted wallet slot is mandatory. It'll come in handy. Ulysses S. Grant can get you to the airport in any city--fast.

How to organize a walletYou think your wallet is your overstuffed secret, but suddenly there it is, and she knows you're a disorganized dolt who still has stubs from Ozzfest. Here's the rule:

New wallet every year. You'll look more stylish and--surprise--feel more polished, too. So tip properly. Fold the bills in half and extend them discreetly toward the tippee, at pants-pocket level or below. You're not hiding anything, but this is private.